Quick Summary
The CBIC vide Circular No. 187/19/2022-GST dated December 27, 2022 issued a clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under the Insolvency and Bankruptcy Code, 2016 (the IBC). Attention is invited
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FAQ :
The circular clarifies how GST statutory dues are treated for taxpayers whose insolvency proceedings have been finalised under the IBC, 2016.
If the government dues under the CGST Act are reduced as a result of finalised IBC proceedings, the Commissioner must issue an intimation of this reduction.
Yes, recovery proceedings can be continued in relation to the reduced amount of government dues after the IBC proceedings have been finalised.
The intimation for the reduction of demand, as specified under Section 84 of the CGST Act, is issued in FORM GST DRC-25.
Yes, the CBIC considers proceedings conducted under the IBC, which adjudicate government dues, to be covered under the term 'other proceedings' in Section 84 of the CGST Act.
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